OneSpan Inc.

onespan.com

What Do They Do?

Sells authentication and mobile-app security software, hardware authenticators, and digital agreement tools to financial institutions, enterprises, and government agencies.

How Do They Make Money?

Organizations pay for cloud subscriptions annually in advance, receiving service over the contract term; on-premises subscriptions are paid in installments or upfront. Customers pay for hardware as it ships, while maintenance is usually paid annually in advance and professional-services payments correspond with delivery.

revenue

Segment	Share	How money arrives
Subscription Recurring	64% FY2022: 41%	Recurring
Maintenance and support Recurring	14% FY2022: 22%	Recurring
Professional services and other Sold outright	1.3% FY2022: 3.7%	Sold outright
Hardware products Sold outright	20% FY2022: 34%	Sold outright

Who Are Their Customers?

Sells to financial institutions—including banks, credit unions and online-only banks—as well as enterprises, government, healthcare and insurance organizations. It uses direct sales and channel partners, including distributors, resellers, systems integrators and original equipment manufacturers.

Do Revenues Turn Into Profits?

Yes. It kept 30 cents of every revenue dollar as net income in FY2025 and turned 21 cents into free cash flow.

Operating income, FY2025

20% of revenue

▲ +8% vs FY2024 ($44.8M, 18%)

Net income, FY2025

30% of revenue

▲ +28% vs FY2024 ($57.1M, 23%)

Free cash flow, FY2025

21% of revenue

▲ +9% vs FY2024 ($46.4M, 19%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $59.8M in Q2 FY2025
Net income: ▼ −19%; vs $8.3M in Q2 FY2025

Subscription share of revenue vs 70.4% in Q2 FY2025

Aug 4, 2026 OneSpan raised its 2026 revenue and adjusted EBITDA guidance It also introduced DigipassONE, a unified authentication platform spanning authentication, identity verification, mobile app protection, and analytics.

Growing. Revenue grew 13% in 4 years, from $214.5M in FY2021 to $243.2M in FY2025, about 3% a year.

Identity verification's segment Earlier, OneSpan Identity Verification was described within Security Solutions; the latest report places it in Digital Agreements, aligning it with that portfolio.

Revenue over time

Subscription Maintenance and support Professional services and other Hardware products

$250M$125M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Gemalto, RSA Security, Yubico, Docusign, and Adobe Systems

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